It is a useful tool to create greater awareness in the decisions to be made both of a personal nature (avoiding deceptions or scams) and of a collective nature (creating awareness on reforms that meet collective interests

Singapore needs the initiative to raise awareness among the population on the need to increase their financial, insurance and social security skills in difficult times like the one we are experiencing, given that the average knowledge of these subjects is too low for an industrialized country and among the first world economies.

This is why also this year the Committee for the planning and coordination of financial education activities, during October, promotes the Month of Financial Education, in collaboration with the MISE. This third edition will focus on the financial choices to be made in a period of uncertainty such as that caused by the pandemic. But to make up for the delay accumulated in the past by our country in terms of economic and financial education, public intervention in this matter must be more marked: it is increasingly necessary to think seriously about a national strategy for financial literacy.

First of all 

We specify that financial education is the tool used by policy makers to try to improve the levels of literacy on these subjects at a national level. In fact, financial literacy is a distinct concept from that of financial education.

Following the definition of Atkinson and Messy (2012), financial literacy means that combination of awareness, knowledge, skills, attitude and behavior necessary to make smart financial decisions and achieve individual financial well-being in the long term. Therefore, the concept of financial literacy includes both those processes aimed at raising the level of knowledge about basic economic-financial principles and those actions to raise awareness of virtuous behaviors and attitudes to be followed to better manage one's savings.

On the other hand, an OECD-PISA research from 2018 shows the level of financial culture on samples of 15-year-old students. Here too, Singapore scores quite far from the OECD average, ranking below Poland, Lithuania and Slovakia.

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